Home Finance 75-Unit Redwood Apartments in Seattle’s Miller Park Neighborhood Sells for $17.5MM

75-Unit Redwood Apartments in Seattle’s Miller Park Neighborhood Sells for $17.5MM

Seattle, Wilshire Capital Partners, Redwood Apartments, Capitol Hill, Central District, South Lake Union, Ballard, King County
Image courtesy of www.theredwoodseattle.com

By Jack Stubbs

On Monday, December 17th, The Redwood Apartments, a 75-unit complex in Seattle’s Miller Park neighborhood, sold for $17.5 million, or roughly $233,333 per unit, King County records show. The buyer was Wc Seattle Vi Spe LLC, an entity that shares the same address as El Segundo, California-based Wilshire Capital Partners. The seller was 111 21st Ave E LLC associated with Kelten Johnson based in Seattle.

Wilshire Capital Partners did not respond to emailed requests for comment about the transaction.

The Redwood Apartments, located at 111 21st Ave. E—north of the Central District and Southeast of Capitol Hill—is a five-story property built in 2017 that contains 75 units, according to the property listing on apartments.com. The property offers a mix of studios that range from 248 to 454 square feet, according to its web site, and also feature hard surface countertops, modern efficient lighting and open floor plans. Some of the community amenities available to residents include an outdoor community courtyard, rooftop deck and controlled-access entry.

The property’s web site also highlights the locally-inspired design of the asset. “We took our cues for this property from our rich Northwestern environment. A residence thoughtfully-designed, well-integrated, and situated amidst two giant NW Redwood trees. With an open and airy courtyard, shared communal spaces, and a flowing clean contemporary architecture, you’ll feel invited and excited to call this home,” the description states.

The property is located in close proximity to various transit options including the Madison St. BRT Bus Line and route 48, which provides direct access to the University of Washington. Redwood Apartments is also close to several retail options including Trader Joe’s, Central Cinema and a Safeway Grocery store.

Wilshire Capital Partners is a private real estate firm that invests in apartment, office, retail and development opportunities in major markets across the Western U.S. including Los Angeles, San Francisco and Seattle, among others, according to the company’s web site. Along with the recently-acquired Redwood Apartments, some of Wilshire Capital’s other multifamily properties in Seattle include the 48-unit Ballard57 property in Ballard; the 38-unit Lofts at the Junction in West Seattle; and 403 Dexter Avenue North, a 98-unit property located in South Lake Union.